Page 16 - LatAmOil Week 47 2021

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About TotalEnergies Nature Based Solutions: As
part of its climate ambition, and in addition to its
priority actions to avoid and reduce emissions,
TotalEnergies works with many local partners
around the world to develop and conserve natu-
ral carbon sinks, while helping to preserve their
biodiversity. These operations follow a long-
term approach of sustainable and integrated
economic development of areas with local com-
munities. TotalEnergies plans to spend $100mn
per year to build a portfolio of projects capable
of generating at least 5mn metric tons of CO2e
of carbon credits per year by 2030. These carbon
credits will be used after 2030 to offset the Com-
pany’s Scope 1 &2 emissions.
About TotalEnergies: TotalEnergies is a
global multi-energy company that produces
and markets energies on a global scale: oil and remuneration to shareholders must follow the complied with and the criteria defined in the
biofuels, natural gas and green gases, renewa- rules set forth in Law 6,404/76, in the Compa- Dividend Policy are observed.
bles and electricity. Our 105,000 employees are ny’s Bylaws, and must not compromise the short, The full Dividend Policy is available on Petro-
committed to energy that is ever more afforda- medium, and long-term financial sustainability bras’ Investor Relations website.
ble, cleaner, more reliable and accessible to as of the Company. Petrobras, November 24 2021
many people as possible. Active in more than The Dividend Policy brings the following
130 countries, TotalEnergies puts sustainable parameters for the distribution of dividends, Fitch Ratings maintained
development in all its dimensions at the heart of which should be followed in the decisions of
its projects and operations to contribute to the the Board of Directors and in the Management’s Ecopetrol’s rating at BB+
well-being of people. proposals to the Annual General Meeting:
TotalEnergies, November 19 2021 1. The Company establishes a minimum Ecopetrol reports that Fitch Ratings affirmed the
annual compensation of $4bn for fiscal years in Company’s credit rating at BB+ with a stable out-
which the average price of Brent is above $40 per look and the stand-alone rating at bbb (without
FINANCE barrel, which may be distributed regardless of its incorporating government support).
level of indebtedness, as long as the principles set Fitch highlighted the Company’s linkage to
Petrobras revises forth in the Policy are observed. the Republic of Colombia, which currently owns
1.1 The minimum annual compensation will 88.5% of the voting shares, as well as the strate-
dividend policy be equivalent for common shares and preferred gic importance of the Company for the country.
shares, provided that it exceeds the minimum Likewise, Fitch Ratings recognizes Ecopetrol’s
Petrobras informs that its Board of Directors, in amount for preferred shares set forth in the ability to maintain a solid financial position.
a meeting held today, approved the revision of Company’s Bylaws. Finally, the rating agency emphasized Eco-
the Shareholder Remuneration Policy (Dividend 2. In case of gross debt equal to or less than petrol’s liquidity, supported by its cash gener-
Policy). The enhancement of the Dividend Pol- $65bn and accumulated positive result, to be ation, proven access to the capital markets and
icy has become important because of the antic- verified in the last accurate quarterly result and adequate debt maturity profile.
ipated achievement of the target of gross debt approved by the Board of Directors, the Com- Ecopetrol is the largest company in Colombia
below $60bn in the 3rd quarter of 2021, origi- pany must distribute to its shareholders 60% and one of the main integrated energy compa-
nally scheduled for 2022. of the difference between operating cash flow nies in the American continent, with more than
The Company set an optimal gross debt level and investments, according to the equation 17,000 employees. In Colombia, it accounts for
of $60bn, including commitments related to below, provided that the result of this formula is more than 60% of hydrocarbon production,
leasing, therefore, for the purposes of the Divi- higher than the amount provided in item 1 and and most of the hydrocarbon transportation,
dend Policy, it will adopt a flexibility around this does not compromise the Company’s financial logistics, and refining systems, and has leading
debt target, applying a gross debt of $65bn as a sustainability: positions in petrochemicals and gas distribution.
criterion to define the method to calculate the Shareholder remuneration = 60% x (Net cash With the acquisition of 51.4% of ISA’s shares, it
remuneration to be distributed. generated from operating activities - Acquisition participates in energy transmission, manage-
Additionally, it was defined that the distribu- of PP&E and intangible asset) ment of real-time systems (XM) and the Con-
tion of remuneration should be made quarterly. 3. Regardless of its level of indebtedness, the cesión Costera Barranquilla-Cartagena. At the
The capex of the original free cash flow formula Company may, in exceptional cases, pay extraor- international level, Ecopetrol focuses on strate-
was also adjusted to include the signing bonus of dinary dividends, exceeding the minimum legal gic basins on the American continent, with E&P
the bidding rounds. mandatory dividend and/or the amounts estab- operations in the United States (the Permian
The revision also had the objective of sim- lished in items 1 and 2, as long as the Company’s basin and the Gulf of Mexico), Brazil and Mex-
plifying the Dividend Policy and establishing financial sustainability is preserved. ico, and through ISA and its subsidiaries it has
an annual minimum remuneration, promoting Furthermore, the Company may exception- leading positions in the transmission business in
greater predictability to the cash flow payments ally promote the distribution of extraordinary Brazil, Chile, Peru and Bolivia, in road conces-
to shareholders. dividends even in the event of no net income, sions in Chile, and in telecommunications.
In all distribution parameters, the once the rules set forth in Law 6,404/76 are Ecopetrol, November 23 2021

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